Wells Fargo Busted Once Again
I don't know about you - I have lost count. I think that I have written on every story over the past 2 or 3 years of where Wells Fargo has ripped off customers and is being fined millions of dollars. The worst story is the millions of customers that were involved in identity theft by the bank (No, they weren't hacked. It was Wells Fargo who committed the identity theft). Another day, another Wells Fargo story, and another set of fines and a hand slap.
To be fair, this is a story that is just coming out from 2015. Why 3 years later it comes out and not at the time of infraction? Who knows!
It appears that Wells Fargo is being fined for selling millions of dollars of add-on products where customers were deceived into purchasing them. No, this is not the same story of the other add-on scam. This is a new one!
The refunds run into tens of millions of dollars.
To be fair and in the defense of Wells Fargo, these events happened years ago before the "clean up your act and we are different now" campaign. You could argue that Wells Fargo being under the microscope is now the most rule following back of the mega-banks. However, I don't think so.
First, we are talking a bank who is under scrutiny for major ethical and dare I say criminal acts. We are talking about a bank with a culture that was corrupt. I also wonder what they got away with that has yet to be discovered? I also wonder if you can radically change out executives, run a "we have changed" media campaign, waive a wand and change a culture that corrupt? I also wonder why a company can be busted for something and it fly under the radar until years later when they disclose it.
I would rethink whether or not you want to do business with the mega-bank. As far as that goes, do you want to do business with any of the mega-banks? There are plenty of good small to medium size banks who want your business and where you don't have to worry about ethical issues.